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Reaping the Benefits of Financial Globalization / Giovanni Dell'Ariccia, Paolo Mauro, Andre Faria, Jonathan Ostry, Julian Di Giovanni, Martin Schindler, Ayhan Kose, Marco Terrones.
- Format:
- Book
- Government document
- Author/Creator:
- Dell'Ariccia, Giovanni.
- International Monetary Fund, author.
- Series:
- Occasional Papers; Occasional Paper ; No. 2008/007
- Occasional Papers
- Language:
- English
- Physical Description:
- 1 online resource (44 p.)
- Edition:
- 1st ed.
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2008.
- Summary:
- Financial globalization has increased dramatically over the past three decades, particularly for advanced economies, while emerging market and developing countries experienced more moderate increases. Divergences across countries stem from different capital control regimes, and factors such as institutional quality and domestic financial development. Although, in principle, financial globalization should enhance international risk sharing, reduce macroeconomic volatility, and foster economic growth, in practice its effects are less clear-cut. This paper envisages a gradual and orderly sequencing of external financial liberalization and complementary reforms in macroeconomic policy framework as essential components of a successful liberalization strategy.
- Contents:
- Cover; Contents; Preface; I: Overview; II: Introduction; Boxes; 2.1. Measuring Financial Globalization; III: Some Facts on Financial Globalization; Figures; 3.1. Gross External Assets and Liabilities by Income Group; De Jure Financial Openness; 3.2. Composition of Gross External Assets and Liabilities, 1975 and 2004; Tables; 3.1. Gross and Net External Positions, 2004; 3.3. Capital Controls by Financial Openness and Income Group; 3.2. Capital Controls by Type, 1995-2005; 3.1. The Integrated Approach to Capital Account Liberalization
- 3.4. Patterns of De Jure Financial Openness, 1995-97 Versus 2003-053.5. Gross External Assets and Liabilities by Levels and Changes in De Jure Financial Openness; IV: Determinants of Financial Globalization: A Cross-Country Perspective; 4.1. Determinants of Gross External Liabilities Per Capita, 2004; 4.2. Gravity Estimates for Bilateral Foreign Asset Positions, 2004; V: Risk-Sharing Benefits of Financial Globalization: Theory and Practice; International Risk Sharing in Theory; International Risk Sharing in Practice; 5.1. Potential Gains from Risk Pooling Among Countries
- VI: How Does Financial Globalization Affect Stability and Growth?Volatility and the Frequency of Crises; 6.1. Impact of Financial Integration on Consumption Volatility; Economic Growth; 6.1. Financial Integration and Consumption Volatility; 6.2. Countries with De Facto Open Financial Accounts: Frequency of Crises, 1970-2004; 6.3. Financial Integration and Economic Growth; 6.4. Impact of FDI on GDP Growth; 6.5. Financial Openness (De Jure) and Total Factor Productivity Growth; 6.6. Financial Integration and Financial Sector Development; VII: Conclusion
- 7.1. Summary of Findings and Policy ImplicationsAppendixes; I: Country Lists; II: Capital Control Indices; III: Case Studies on Financial Account Liberalization; A3.1. Evidence from Selected Case Studies, 1979-2004; References
- Notes:
- Description based upon print version of record.
- Description based on publisher supplied metadata and other sources.
- ISBN:
- 9781462352203
- 1462352200
- 9781452750330
- 1452750335
- OCLC:
- 870245425
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